Cyberattacks are actively guarded against by all responsible firms. However, one security concern that many firms ignore is industrial espionage.
Industrial espionage and cyberattacks are frequently carried out for the same reason: to steal confidential information.
Industrial espionage, on the other hand, is carried out by a corporate competitor rather than a random hacker.
Industrial espionage is the theft of confidential information from a company in order to gain a competitive edge. It can take many forms, but the most sophisticated attacks include an employee of the company being targeted. A rival may try to hire someone at the target company, or they may approach an existing employee and offer them money in exchange for information.
Competitive Intelligence vs. Industrial Espionage
Competitive intelligence and industrial espionage are not the same thing. Both methods entail gathering information about the competition. Competitive intelligence, on the other hand, is only conducted legally. A company performing competitive intelligence takes advantage of publicly available information on the internet. It does not include any kind of surveillance or unlawful conduct. Industrial espionage entails gathering any knowledge that may be profitable.
Industrial espionage targets any information that could be profitable, such as upcoming product details, financial information, client lists, and marketing strategies. Obtaining such information can provide a competitive edge by allowing a business to improve its own products, offer better deals to providers and employees, undercut prices, damage reputation, or copy and release similar marketing strategies. Client information can also be used to identify potential customers and pricing strategies and marketing information can be used to promote similar products or compete with effective strategies.
In order to protect against industrial espionage, all businesses should take the following precautions.
- Invest in Cybersecurity
- Encrypt All Private Data
- Increase Physical Security
- Require Confidentiality Agreements
- Prevent Insider Threats
Most businesses should protect themselves against industrial espionage. Every company has information that could be useful to its competition. There are also numerous ways it might be stolen. While insider threats are the most effective means to steal information, physical trespassing is frequently simple and effective. Cyberattacks are another formidable tool that certain competitors may use.
To protect against industrial espionage, all firms should be cautious about who they hire, keep an eye out for displeased employees, secure physical locations, and adopt cybersecurity.
